Why CPI Card Group Stock Popped 12% Today
CPI Card Group (NASDAQ: PMTS) stock rose 12.2% through 12:30 p.m. ET Tuesday despite reporting only mixed results in its Q3 earnings report this morning.
On the plus side, the manufacturer of credit and debit cards for issuance by banks beat analyst revenue expectations, reporting $124.8 million in sales where $117.1 million had been expected. At the same time, CPI's profits were only $0.11 per share, far less than the predicted $0.51.
Sales surged 18% year over year, with CPI reporting strong sales of both debit and credit cards, and prepaid cards as well. Earnings, however, tumbled 67% as the company incurred $8.8 million in costs to refinance its debt.
Source Fool.com
